GBP/USD Forecast August 12, 2016, Technical Analysis

The USD/CAD pair initially tried to rally during the course of the session on Thursday and then turned right back around to form a negative candle. We are approaching the 1.30 level, and subsequently a nice trend line as well. With this being the case, it’s likely that the market will turn things back around given enough time, and when they do we should continue to see buyers and reach towards the top of the channel that we have been trading in. If we break down below the 1.30 level, that could be rather negative.